Here are the key things you need to know before you leave work today. Bankruptcies decline, Fitch affirms ratings for three NZ institutions, a telemarketer cops a heavy fine, NZ Super Fund keeps money in Israeli firm with military links & more.
TODAY'S MORTGAGE RATE CHANGES
There have been no changes announced today.
There have been no changes announced today.
The NZ Super Fund said it had reviewed its stake in Israel Chemicals, which supplies white phosphorous to the US Defence Force, and found no evidence that the company's products had been used against civilians in the Gaza conflict. The Fund has $900,000 invested in the company.
WHOLESALE RATES
Swap rates were down across the curve today with the biggest falls occurring in longer dated maturities. We also saw 5 & 10-year government bond yields fall 6 basis points. The 90 day bank bill rate finished the week 2 points lower at 3.68%.
OUR CURRENCY
The NZ dollar traded higher again today following overnight news of lower-than-expected GDP numbers from the powerhouse German economy. Check our real-time charts here. The NZ dollar is currently at 84.86 USc, is at 91AUc and the TWI is 79.61
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1 Comments
Questions over the role of banks providing financial advice in the financial planning space...
What have the parents been doing
“Excessive knowledge would probably have been seen as a barrier to product flogging,” says Morris, who has law degree and is a certified financial planner. “Better to have barely qualified people who won’t think too deeply about what they are doing."
Read more: http://www.smh.com.au/business/banking-and-finance/cheating-rife-in-financial-planning-20140815-104gkn.html#ixzz3AV1I6myD as an aside we don't see how the re-introduction of trailing commissions for home loan mortage brokers as we as proposed by the Bank of New South Wales is a good thing. and then
Macquarie Equities Limited's bombshell offer to set up a compensation scheme to any customer who ever received advice from one of its advisers should be a call to arms to the Abbott government to act swiftly on the crisis in confidence gripping the industry.
The fact that two of Australia's biggest financial institutions, Commonwealth Bank and Macquarie, are now on the hook to redress more than 500,000 customers who may have been victims of shoddy advice should send shivers down the spine of the regulator, politicians and David Murray, who is working on a final report into the finance system.
Read more: http://www.smh.com.au/business/macquaries-bombshell-a-call-to-arms-20140815-104mxz.html#ixzz3AV1yWREF on both sides of the ditch....
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